Archive for the ‘Mortgage & Finance’ Category
Pre-qualify or Pre-approval
What is the difference between pre-qualifying and pre-approval?
Given the current state of mortgage lending, knowing where you stand credit wise is even more important now than ever.
A pre-qualification is normally issued by a loan officer, who, after interviewing you, determines the dollar value of a loan you can be approved for. No credit checks are done, no employment history taken, nothing is submitted to an underwriter. However, loan officers do not make the final approval, so a pre-qualification is not a commitment to lend. After the loan officer determines that you pre-qualify, he/she then issues you a pre-qualification letter. In times past, before houses were selling very quickly (between 1997-2005) we used pre-qualification letters. However during the peak seller’s market pre-approvals (explained in the next paragraph) became the standard in the Greater Hudson Valley Region.
It is important to note that in truth anyone can be “pre-qualified”. Your realtor can do it for you, they simply have to know the lending guidelines. Read the rest of this entry »
(up to) $8,000 tax credit – time is running out
HomeBuyer Tax Credit – Extended and Expanded
Updated: November 19, 2009 – Summary (with full details below)
Here is the latest: Effective Nov. 6, 2009 the changes to the home buyers tax credit program include the following:
Homes have to be purchased between November 6, 2009 and June 30, 2010
(in full contract by April 30).
Closing documentation now required.
Existing home owners are now eligible if they have owned a principal residence for 5 consecutive years out of the 8 years preceeding the purchase of a new home.
Income limits have been raised.
FULL DETAILS BELOW Read the rest of this entry »
Long Term Rates Fall to Lowest Level in Five Weeks
UPDATE: Nov. 13, 2009
LONG-TERM RATES FALL TO LOWEST LEVEL IN FIVE WEEKS.
30-Year FRM Below 5 Percent For Five Of The Last Seven Weeks
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| “Mortgage rates eased further over the week, helping to promote an affordable home-purchase market and stimulate refinance,” said Frank Nothaft, Freddie Mac vice president and chief economist. “This comes at a time when house price declines are moderating and consumer demand for prime mortgages at commercial banks has picked up.“The National Association of Realtors® reported that national median sales price of existing homes fell 11.2 percent in the third quarter relative to the same period last year,. Moreover, almost 20 percent of the top metropolitan areas experienced |
